TORONTO – Canada's Lululemon Athletica Inc on Wednesday reported fourth-quarter earnings per share that fell shy of analysts' expectations, hurt by a stronger-than-expected Canadian dollar, and said first-quarter comparable sales were expected to fall.

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The outlook and results sent shares of the Canadian yoga and leisure apparel retailer falling 18.2 percent to $54.25 after markets closed.

A disappointing product assortment in the first quarter resulted in weaker online sales and fewer shoppers in stores, executives told analysts in a conference call.

"Our teams have been course-correcting issues, with early indications reflecting positive impact on performance. We will see more color in selected styles as early as next week."

The company said it expects first-quarter revenue between $510 million to $515 million, based on an expected decrease in sales in the low single digits. Earnings of 25 to 27 cents per share is forecast for the quarter.

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Executives remained bullish on full-year results, despite the slow start in the first quarter. Its full-year revenue forecast ranges between $2.55 billion and $2.6 billion and full-year earnings range between $2.26 and $2.36 per share.

Lululemon's international success made it an investor darling, but a string of quality and supply chain problems, boardroom upheaval, and stiff competition in recent years have dulled some of its appeal.

Potdevin said its Chinese expansion would be a key focus this year, while Lululemon's men's line is on track to become a $1 billion-plus business by 2020.

For the fourth quarter ended Jan. 29, net income rose to $136.1 million, or 99 cents per share, from $117.4 million, or 85 cents per share, in the prior year. Revenue was $789.9 million, up from $704.3 million.

Analysts, on average, had expected earnings of $1.01 a share on revenue of $783.56 million, according to Thomson Reuters I/B/E/S.